Major City Insights: Toronto—May 2021

The Conference Board of Canada, May 31, 2021
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In cities across Canada, economic recovery from the devastating impact of the COVID-19 pandemic depends largely on the vaccine rollout and containing the spread of the virus. The hardest-hit sectors of the economy—particularly those that depend on people gathering in public—will take longer to recover.

Document Highlights

  • Toronto’s economic recovery this year is being hampered by the third wave of the COVID-19 pandemic. Though real GDP will expand by 3.6 per cent in 2021, it will not reach pre-pandemic levels until the first quarter of 2022.
  • Economic output in sectors most affected by the lockdowns and the subsequent decline in tourism, including transportation and warehousing, accommodation and food services, and arts and entertainment, will remain below pre-pandemic levels for at least a couple more years.
  • Like most major Canadian housing markets, Toronto’s resale and new housing markets have thrived over the past year. Demand has been supported by low interest rates and people seeking more space to work and study at home.

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